Tech selloff sinks futuresU.S. equity futures are lower this morning, led by the Nasdaq, which is being dragged down by steep slides in shares of Apple (AAPL) and Microsoft (MSFT) after their earnings reports last night. The weakness has spilled over to the other indices in the early going. Investors will have little aside from earnings on which to focus, as the economic calendar has just existing home sales data and energy inventory numbers scheduled for release.

Asian equities were tripped up by Apple and Microsoft Asian equities were tripped up by Apple and Microsoft which revealed earnings shy of inflated expectations. This came on top of the weak finish on Wall Street and latest skid in Europe, keeping investors in a more defensive mindset this week. Japan's Nikkei sank 1.2%, the Hong Kong Hang Seng is off 1.2%, while China's Shenzhen is flat and the Shanghai Comp is 0.4% higher. U.S. equity futures were led lower by a 55-point drop on the NASDAQ, 8-point slide in the S&P 500 and 75-point dive in the Dow. Apple tanked nearly 9% in after-hours trade after iPhone shipments missed forecasts and forecast revenues shy of the $51.1 B targeted, whiping of some $50 B in market cap. The absorption of Nokia also tarnished Microsoft's to the tune of a $7.5 B write-off and 5.1% revenue decline for a $3.2 B net loss, knocking its shares over 4% lower after-hours. The firm dollar also impacted the bottom line.

S&P raises Greece rating to CCC+ from CCC-, Outlook stable Standard & Poor's Ratings Services said that it raised its foreign and local currency long-term sovereign credit ratings on Greece to 'CCC+' from 'CCC-'. The 'C' short-term foreign and local currency sovereign credit ratings were affirmed. The outlook is stable. The upgrade reflects Greece's improved liquidity perspective following last week's consent, in principle, from the Eurogroup to the three-year loan program for Greece via the ESM, alongside the provision of EUR7.16B in three-month bridge financing to the Greek government, which it used on July 20 to clear its arrears with the IMF and the Bank of Greece and to repay the ECB. "We consequently think that Greece's default on its stock of commercial debt is no longer inevitable in the next six to 12 months."

Energy Action: September NYMEX crude retreated Energy Action: September NYMEX crude retreated back toward N.Y. session lows, trading into $50.61 after printing a $51.36 high earlier. A bout of dollar weakness provided short covering rationale, though the lack of follow through, and the inability to hold the $51 handle doesn't bode well for oil bulls. Fund selling was reported over $51, and a break under $50 seems inevitable, especially if the dollar rally resumes.

12:25 EDT

Euro$ interest rate futures probed higher Euro$ interest rate futures probed higher from earlier lows as the pendulum swung back against stocks and in favor of interest rate instruments. A sharp drop in euro-stocks into the close and downward revisions on industrial production data seemed culpable, leaving the September 2015 contract 1.5-ticks higher near 99.45 (implied 0.55%), compared to earlier lows near 99.43 (0.57%). The deferreds are 1.5-5 ticks firmer out the curve, with heaviest gains in the belly ahead of next week's FOMC meeting.

FX Action: USD-JPY has joined the dollar selling party FX Action: USD-JPY has joined the dollar selling party today, falling to four-session lows of 123.73, and down from opening highs near 124.40. The pairing found support into last Thursday's 123.75 base, and has since rebounded over 123.90. Dip buying remains in vogue however, as the bigger picture points to further BoJ stimulus, and prospects for Fed rate hikes.